Toronto, Ontario Nov 5, 2021 (Issuewire.com) – As more American expatriates consider renouncing their U.S. citizenship due to the burden of filing U.S. taxes and the motivation to stay long-term overseas amid the pandemic, leading company 1040 Abroad has ramped up efforts in guiding individuals through the process of renunciation.
“Renouncing a U.S. citizenship is a serious, life-affecting step to take. Therefore, people need to look at all the pros and cons that they will have afterward before considering to take this decision,” says Olivier Wagner, Managing Director at 1040 Abroad.
Olivier says in order to renounce U.S. citizenship, American expatriates should have a second passport (citizenship of another country).
They will be required to bring this with them to the renunciation appointment.
“While not a legal requirement, the State Department & U.S. consulate will strongly recommend that you have a second citizenship. Ultimately, the U.S is not a party of the UN convention against statelessness, and they would allow you to become stateless,” explains Olivier.
Olivier will also recommend against statelessness in most circumstances since it would make it either inconvenient or impossible to travel across international borders as a stateless person.
They will need to prepare a few forms and fill out form DS-4079 before their appointment, which is a questionnaire for determining the possible loss of U.S. citizenship.
According to the law, if a person wants to renounce his citizenship, he will need to do it in person by visiting a U.S. consulate abroad.
This is where 1040 Abroad comes into the picture, says Olivier, since individuals would need to seek a professional Expat lawyer’s help to start the process and book their appointment.
1040 Abroad specializes in preparing tax returns for U.S. citizens living abroad and works closely with an attorney who specializes in that area.
“We don’t work on billing them on an hourly basis with no guarantee of results; instead, I prefer flat fee billing, which brings a better experience to both of us. What makes us unique is we work faster than other companies and are reliable, as proved by hundreds of clients who stayed loyal after their first experience with us,” asserts Olivier.
Olivier says the firm’s team of experts helps complete the tax filing process on clients’ behalf.
Expats get the chance to meet 1040 Abroad’s U.S. tax experts and have a free 20-minute phone conversation.
Its team will contact them within one business day to explain the process. During the free consultation call, the U.S. tax expert will answer clients’ questions and give them the best solution.
The 1040 Abroad team will then create an account in its secure client portal, and clients can upload their documents through it.
A customer’s assigned tax accountant will then prepare the U.S. tax return and send a copy for a final review and confirmation.
“We offer flat fees for our U.S. Expat tax services, and you will be submitting the payment after all work is done. Easy and hassle-free.”
1040 Abroad was founded by a U.S. Expat and CPA, rolled into one for all of the other U.S. Expats in order to take the hassle out of tax prep.
Those who want to learn more about the company’s U.S. Expat tax services may visit the 1040 Abroad website for more information.
Source :1040 Abroad Inc.
This article was originally published by IssueWire. Read the original article here.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.